I've devoured every book published by BP and am currently reading J Scott's e-book on recession proof investing.

When I was getting my house ready for sale, the appraiser my realtor had me hire (who had been a builder before The Great Recession) confirmed the water heater was installed improperly, which my realtor had me get fixed because of California's insistence on earthquake readiness.

I've also heard that recessions don't start until all the bears have been shot, and there is still a lot of them out there.

Is this the start of a gradual but sustained broader recession in the overall housing market?

If you have enough to survive 2 years of low occupancy during a recession, then house hacking may work in this environment.

We just entered a recession, and no signs of the economy jumpstarting just yet.

It's almost recession-proof.

All in all, it's a great opportunity to create some money for some continuous hard work, it can be done easily, & it will be a win-win for you and your daughter, but caution should be exercised while we are moving closer and closer into a recession. 

If you buy in Austin at current levels and we experience a significant recession even on the mild order of 2008 then there will be a lot of nashing of teeth for new investors.  

The fist to lose value in a recession and last to recover.